February 2025

Cambrige Notes: Principles of Accounting: Importance of Accounting

By |2025-02-12T09:46:02+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes Notes: Importance of Accounting

  • Accounting plays an important role within the organisation
  • Accounting is important for a number of reasons:

Importance and role of accounting

  • It allows the business to record transactions for future reference
  • Provides information about whether a business is profitable or not
  • Provides information about the liquidity of the […]
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Cambrige Notes: Purchases Journal and Purchases Ledger example

By |2025-02-12T08:59:16+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Purchases Day Book example. Image credit Frank Wood's Business Accounting 1. Purchases Day Book example. Image credit Frank Wood’s Business Accounting 1.

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Purchases Journal and Purchases Ledger example

  • J Dzungu has the following purchases for the month of May 2015:
  • May 1 From D […]
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Cambrige Notes: The Double Entry Concept

By |2025-02-12T09:02:35+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes

  • You need to pay close attention because this is where the accounting part in accounting begins.
  • This is the basic rule in accounting which states that any accounting transaction should be recorded twice.
  • Every debit should have a corresponding credit and every credit should have a corresponding credit.
  • No matter the […]
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Cambrige Notes: The contents of a Balance Sheet/Statement of Financial Position

By |2025-02-12T09:05:57+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The contents of a Balance Sheet/Statement of Financial Position

  • While a Statement of Financial Position could just be presented as a listing of the credit and debit balances at a given date
  • It would be more useful to record the information in a consistent and meaningful way
  • This would allow
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Cambrige Notes: Principles of Accounting: Introduction to ethics and basic terms

By |2025-02-12T09:22:59+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to Business Ethics

  • History has shown that accountants occupy an important within the organisation
  • The financial well being is of fundamental importance to all stakeholders
  • Unlike other employees of the organisation an accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer
  • He/She need […]
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Cambrige Notes: Principles of Accounting: Partnership dissolution

By |2025-02-12T09:26:23+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

  • While it is true that a new partnership is created when partners leave and join the partnership
  • The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
  • From an accounting point […]
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Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position

By |2025-02-12T09:29:34+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Single entry and Incomplete records: Example 2

William Sachikonye Statement of Financial […]

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Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets

By |2025-02-12T09:32:42+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Disposal of Fixed Assets

  • Eventually all fixed assets (non-current assets) bought for resale reach their end of life
  • More often than not a non-current asset is sold way before it reaches its end of life
  • This can happen for any number of reasons:
    • To raise cash and improve the business’s liquidity […]
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Cambrige Notes: Principles of Accounting: The Sales Ledger

By |2025-02-12T09:35:58+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The Sales Ledger

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Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By |2025-02-12T09:39:21+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Bank Reconciliation Statement Overdraft Example

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